Nigerian banks showcased impressive financial performance in 2024, largely driven by a high-interest rate environment and significant gains from repriced foreign exchange assets. A detailed analysis of 10 major publicly listed commercial banks revealed a combined post-tax profit of ₦4.8 trillion, a substantial 53.5% increase from the previous year.
This surge in profitability was fueled by a 122% rise in interest income to ₦15.1 trillion, as banks strategically deployed more funds into customer loans and high-yielding fixed-income instruments.
Top Performing Banks in 2024
Based on comprehensive methodologies assessing profit growth, asset growth, deposit growth, and capital adequacy, here are the top five performers:
5. GTCO: Guaranty Trust Holding ranked fifth, boasting an 88.6% increase in post-tax profit to ₦1.02 trillion and a significant improvement in its Capital Adequacy Ratio (CAR) from 21.9% to 39.3%.
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4. Zenith Bank: Ranking fourth, Zenith Bank was noted for its aggressive loan deployment, with customer loans rising by 52% to ₦9.97 trillion. Its profit after tax also surged by 52.6%.
3. FBN Holdings: The parent company of First Bank of Nigeria, FBN Holdings, ranked third. Its performance was bolstered by a 61% year-on-year increase in deposits to ₦17.2 trillion and an impressive 115% rise in PAT to ₦663.5 billion.
2. Fidelity Bank: Fidelity Bank ranked second, recording the highest profit growth among its peers with a 179.6% increase to ₦278.1 billion. The bank also saw significant improvements in ROAE and a reduction in its Non-Performing Loan (NPL) ratio.
1. Wema Bank: Leading the pack, Wema Bank demonstrated exceptional performance across multiple indicators. It achieved the highest asset growth at 60% to ₦3.59 trillion and a 140% year-on-year increase in post-tax profit to ₦86.28 billion. Wema Bank also effectively reduced its cost-to-income ratio and NPL ratio.
